***Editor’s Note: In the ongoing quest to become gainfully employed again, I am examining every aspect of the process.
Quick question. This won’t even be one of my patented 5 page columns. I just want to know how and when the cycle is supposed to end for some people.
If you once had an excellent credit score (as I did – 815), worked full-time, went to school full-time, built a business and served as a ministry leader (as I did for 2 1/2 years – simultaneously) your work ethic is the least of your worries.
But say your business endeavors fail? And you devour your savings paying bills and college-related costs, incurring mounds of debt through trying to build the businesses and student loans? What do you do?
The natural inclination is to get a job and stop the torrent. But after months (now years) of being unable to pay credit card debts and having to sell your sole means of transportation, it becomes a vicious cycle:
You need a job but lack reliable transportation.
You need money to get a car.
You need a job to be able to afford a car.
You need good credit to get a job in 2010.
You lost your credit when your business failed.
Where does it stop?
Now you see why many people, good business plan or not, fear starting businesses — especially if it means leaving their staid working environment to do so.